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Values, prices of production and market prices: some more evidence from the Greek economy

Lefteris Tsoulfidis and Thanasis Maniatis
Cambridge Journal of Economics
Vol. 26, No. 3 (May 2002), pp. 359-369
Published by: Oxford University Press
Stable URL: http://www.jstor.org/stable/23600290
Page Count: 11
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Values, prices of production and market prices: some more evidence from the Greek economy
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Abstract

This paper extends the empirical investigation of the relation between labour values and different price forms in the case of the Greek economy. Subjecting the labour theory of value to empirical tests with data from various countries helps in the derivation of general conclusions regarding its empirical validity and practical usefulness. Our results on the closeness of values and prices as measured by their absolute deviation and correlation, the shape of the wage—profit curves, the predictive power of labour values over market prices compared with other 'value bases', and the comparison of fundamental Marxian categories when estimated in value and price terms provide further support for the empirical strength of the labour theory of value.

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